I remember appraising existing 1980s apartment properties in the north county areas back in the mid-1990s at $40,000/unit inclusive of the land and improvements.

IMHO, land value only exists for SFRS on lots that can be rebuilt to suit. When a developer burdens a land with Condo or Townhome complex, multiple owners and HOA, all the “land value” is absorbed into the structures.

Individual land value is essentially worthless because you can’t do anything unless buy all the properties and the property location premium is already reflected in the unit pricing.

A good example is the Florida trailer park, as an all or nothing deal, it was worth ~$1,000,000 per lot. However, without that deal, the lot and trailer on it probably weren’t worth a fraction.

Of course, I’m biased, I’ve lived in poorly managed condos and townhomes.